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Channel Islands Exchange Lists Europe's Largest IPO This Year,
by Phillip Morton, Investors Offshore.com
Thursday, May 28, 2009
Max Property Group Plc was admitted to the Daily Official List of The Channel
Islands Stock Exchange on May 27, 2009. The listing is on a primary basis and
the issue of shares constitutes the largest Initial Public Offering (IPO) in Europe
to date this year.
Max Property Group, a Jersey incorporated closed ended property investment
company, is also the first IPO to have listed in the UK market since December
last year.
“We are naturally delighted that the issuer has selected the CISX as
their recognised stock exchange. During these difficult trading conditions,
it is encouraging for the markets generally to see such a significant listing
in the UK property market and the CISX is able to facilitate their strategic
aims through the admission to the CISX Daily Official List.”
The CISX has more than 3,000 listings of securities issued by funds, eurobonds,
structured debt, warrants and specialist debt securities and this latest, high
profile listing helps to consolidate its global position as one of the leading
exchanges of choice for the listing of property investment vehicles.
Max Property Group is managed externally by Prestbury Investments led by Nick
Leslau and Mike Brown. The company has raised GBP220m (before expense of the
issue) and it has the backing of investors, Och-Ziff, which has committed to
invest GBP35m at offer price. The management team, its partners and affiliates,
have also committed to invest GBP25m.
Conditional dealings began on May 21, 2009, on the Alternative Investment Market
(AIM), which has the secondary listing, ahead of the full listing on the CISX
from today.
Aubrey Adams, proposed Chairman of Max Property Group Plc, commented:
“We are delighted by the level of interest in Max Property Group Plc
and the support that we have received from institutional investors. The Board
believes that difficult conditions in the UK property market present a compelling
investment opportunity for those with in-depth sector experience. The proceeds
from the offering should give us sufficient funds to take advantage of this
opportunity for the benefit of shareholders.”
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